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HMM books massive loss of $525m in 2015

HMM books massive loss of $525m in 2015
South Korea’s shipowner Hyundai Merchant Marine (HMM) has swung to a loss in 2015 against the backdrop of weak dry bulk and container shipping markets.

HMM reported a loss of KRW627bn ($524.9m) last year, as against the profit of KRW21.8bn in 2014.

Revenue fell 12.3% year-on-year to KRW5.7trn due to smaller earnings generating from vessel operations amid weak freight rates.

The troubled HMM is reportedly trying to sell its tanker shipping business, which is still considered lucrative in a bouyant market. The shipowner has disposed of its LNG carrier business and is in the midst of selling its dry bulk fleet and a container terminal.

HMM said it is trying to focus on the container shipping business.

Analyst Drewry Maritime Equity Research suggested earlier that HMM can consider a merger with compatriot Hanjin Shipping in order to increase both their chances of survival in a tough market.